300 staffs to go for efficiency and productivity

Efficiency is a compulsory push for all organisations. In fact, when the organisation is overstaffed and business is not expanding as fast, it will drag down the profit numbers. Previously, there were lots of uncertainties in the oil and gas industry players. It has quietened down. Finance is the other sector which may be shedding a lot of their people as the push is now towards online. Fintech companies would need more people but no longer need traditional roles. It meant that staffs who is not up-to-date with the current market requirements may soon find themselves out of job. Of course, even for banks, those in sales jobs are pretty safe for now even as every industry is facing shortages of good sales people. Question is, are you ready to engage and sell?

One piece of news brought many to the harsh realities of today. Affin will be reducing its workforce by up to 6 percent. Read the news here: NST: Affin to trim up to 300 staffs to be efficient and productive. The article quoted its group chief executive officer Kamarul Ariffin Mohd Jamil saying, “At the overall level, the exercise will affect about 300 staff, and hopefully with the inevitable cut, it will create productivity and efficiency.” In February 2017, in an article in TheStar: Retrenchmants Ahead says MEF. Its executive director Datuk Shamsuddin Bardan said, “In 2015, said Shamsuddin, about 18,000 of those who lost their jobs were from the banking sector due to the introduction of what he termed as “disruptive technology”, where banks were increasingly adopting online transactions, for example.” He also further shared that retrenchments within 2017 is going to be slightly higher than 2016. Full article here.

It’s not clever to overspend. With jobs, we could pay for our home, cars and holidays. Without a job for a few months, we would be forced to dip into our savings. Do we have enough savings? Did we just spent an unnecessary RM500 for a new pair of shoe? Keep our jobs by really knowing what’s happening to the world market today. Malaysia is not considered an advanced market which meant that things should usually happen externally first before us. Retrenchments in the banking sector has happened for a very long time in many advanced nations. Surely it will continue to happen and Malaysian banks would not be spared. Happy working hard reading more.